Fitch affirms Provident Bankshares

Fitch Ratings said it affirmed Provident Bankshares, Corp.'s long-term issuer default rating at BBB and short-term issuer default rating at F2.

The outlook is stable.

Fitch said that it acknowledges the company's recent announcements regarding its securities portfolio but that it believes management is taking appropriate actions, including the writedown of the affected securities.

Provident's core banking business continues to perform relatively well and core profitability remains in line with similarly rated peers, the agency said, as are asset quality and the company's home equity and construction portfolios.

The agency said it expects management to retain capital to boost levels and to maintain levels at or above those of peers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.